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| Home >> VA Claims Resources >> VA Claims >> VA General Counsel Precedent Opinions |
VA General Counsel Precedent Opinions |
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PREC 1-93 Treatment of Proceeds of Cashed-in Life Insurance Policy for Improved Pension
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PREC 1-93 Treatment of Proceeds of Cashed-in Life Insurance Policy for Improved Pension Citation: Vet. Aff. Op. Gen Couns. Prec. 1-93, VAOPGCPREC 1-93, 1993 QUESTION PRESENTED: Are the proceeds of a life insurance policy that is surrendered by its owner for cash considered income for the purpose of determining entitlement to improved pension?
HELD: Proceeds of a life insurance policy that is surrendered for cash should not be considered income for purposes of determining entitlement to improved pension under title 38, United States Code, to the extent that such proceeds consist of return of sums paid as part of the insurance premiums. Interest on the policy holder's monetary contribution should be considered income. |
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